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<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
What is the Fund's investment objective?
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
Delaware Core Bond Fund seeks maximum long-term total return, consistent with reasonable risk.
</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
What are the Fund's fees and expenses?
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales-charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in Delaware Investments® Funds. More information about these and other discounts is available from your financial advisor, in the Fund's prospectus under the section entitled &quot;About your account,&quot; and in the Fund's statement of additional information under the section entitled &quot;Purchasing shares.&quot;
</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Shareholder fees (fees paid directly from your investment) </b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Example
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and reflects the applicable waivers and reimbursements for the 1-year contractual period and the total operating expenses without waivers for years 2 through 10. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Portfolio turnover
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &quot;turns over&quot; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 517% of the average value of its portfolio.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
What are the Fund's principal investment strategies?
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund will invest primarily in a diversified portfolio of investment grade, fixed income obligations, including securities issued or guaranteed by the U.S. government, its agencies or instrumentalities (U.S. government securities), mortgage-backed securities, asset-backed securities, corporate bonds, and other fixed income securities.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Under normal circumstances, the Fund will invest at least 80% of its net assets in fixed income securities (80% Policy). The Fund's 80% Policy may be changed without shareholder approval. However, shareholders will be given notice at least 60 days prior to any such change.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund will invest principally in debt obligations issued or guaranteed by the U.S. government and by U.S. corporations. The U.S. government securities in which the Fund may invest include a variety of securities that are issued or guaranteed as to the payment of principal and interest by the U.S. government, and by various agencies or instrumentalities that have been established or sponsored by the U.S. government. The corporate debt obligations in which the Fund may invest include, but are not limited to, bonds, notes, debentures, and commercial paper of U.S. companies.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund's assets may also be invested in mortgage-backed securities issued or guaranteed by the U.S. government, its agencies or instrumentalities, or by government-sponsored corporations. Other mortgage-backed securities in which the Fund may invest are issued by certain private, nongovernment entities. Subject to quality limitations, the Fund may also invest in securities that are backed by assets such as receivables on home equity and credit card loans, automobile, mobile home, recreational vehicle and other loans, wholesale dealer floor plans, and leases.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">All securities purchased by the Fund will have an investment grade rating at the time of purchase. Investment grade fixed income obligations will be those rated BBB- or higher by S&amp;P, Baa3 or higher by Moody's, or similarly rated by another nationally recognized statistical rating organization (NRSRO), or those that are deemed to be of comparable quality. To the extent that the rating of a debt obligation held by the Fund falls below investment grade, the Fund, as soon as practicable, will dispose of the security, unless such disposal would be detrimental to the Fund in light of market conditions.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund may invest up to 20% of its assets in foreign securities. The Fund intends to invest its foreign assets primarily in fixed income securities of issuers organized or having a majority of their assets or deriving a majority of their operating income in foreign countries. These fixed income securities include foreign government securities, debt obligations of foreign companies, and securities issued by supranational entities. The Fund may invest in securities issued in any currency and may hold foreign currencies. Presently, the Fund intends to invest its foreign assets primarily in U.S. dollar-denominated fixed income securities in a manner consistent with the foreign securities weighting in the Fund's benchmark, the Barclays U.S. Aggregate Index.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">In unusual market conditions, in order to meet redemption requests, for temporary defensive purposes, and pending investment, the Fund may hold a substantial portion of its assets in cash or short-term fixed income obligations. Subject to certain limitations, the Fund will also be permitted to use various derivative instruments, including options, futures contracts, options on futures contracts, foreign currency transactions, interest rate swaps, and index swap agreements.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
What are the principal risks of investing in the Fund?
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Investing in any mutual fund involves the risk that you may lose part or all of the money you invest. Over time, the value of your investment in the Fund will increase and decrease according to changes in the value of the securities in the Fund's portfolio. Principal risks include:</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Investments not guaranteed by the Manager or its affiliates</b> — Investments in the Fund are not and will not be deposits with or liabilities of Macquarie Bank Limited ABN 46 008 583 542 and its holding companies, including their subsidiaries or related companies (Macquarie Group), and are subject to investment risk, including possible delays in repayment and loss of income and capital invested. No Macquarie Group company guarantees or will guarantee the performance of the Fund, the repayment of capital from the Fund, or any particular rate of return.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Market risk</b> — The risk that all or a majority of the securities in a certain market — such as the stock or bond market — will decline in value because of factors such as adverse political or economic conditions, future expectations, investor confidence, or heavy institutional selling.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Interest rate risk </b>— The risk that securities will decrease in value if interest rates rise. This risk is generally associated with bonds.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Credit risk </b>— The risk that an issuer of a debt security, including a governmental issuer, may be unable to make interest payments and repay principal in a timely manner.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Prepayment risk</b> — The risk that the principal on a bond that is held by a portfolio will be prepaid prior to maturity at a time when interest rates are lower than what that bond was paying. A portfolio may then have to reinvest that money at a lower interest rate.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Liquidity risk</b> — The possibility that securities cannot be readily sold within seven days at approximately the price at which a fund has valued them.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Derivatives risk</b> — Derivative contracts, such as options, futures, and swaps, may involve additional expenses (such as the payment of premiums) and are subject to significant loss if a security, or a securities index to which a derivative contract is associated, moves in the opposite direction from what the portfolio manager anticipated. Derivative contracts are also subject to the risk that the counterparty may fail to perform its obligations under the contract due to financial difficulties (such as a bankruptcy or reorganization).</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Foreign risk</b> — The risk that foreign securities (particularly in emerging markets) may be adversely affected by political instability; changes in currency exchange rates; inefficient markets and higher transaction costs; foreign economic conditions; or inadequate or different regulatory and accounting standards.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Currency risk </b>— The risk that the value of a portfolio's investments may be negatively affected by changes in foreign currency exchange rates.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Bank loans and other indebtedness</b>
<b>risk</b> — The risk that the portfolio will not receive payment of principal, interest, and other amounts due in connection with these investments and will depend primarily on the financial condition of the borrower and the lending institution.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Government and regulatory risk</b> — The risk that governments or regulatory authorities have, from time to time, taken or considered actions that could adversely affect various sectors of the securities markets.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
How has Delaware Core Bond Fund performed?
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for the 1-, 5-, and 10-year or lifetime periods compare with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. The returns reflect expense caps in effect during certain of these periods. The returns would be lower without the expense caps. You may obtain the Fund's most recently available month-end performance by calling 800 523-1918 or by visiting our website at <u>delawareinvestments.com/performance</u>.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund is the successor to The Intermediate Fixed Income Portfolio of the Delaware Pooled® Trust pursuant to the reorganization (Reorganization) of The Intermediate Fixed Income Portfolio into the Fund, which occurred on September 30, 2009. Prior to the Reorganization, the Fund had no investment operations. Accordingly, the performance information shown below for periods prior to September 30, 2009 is historical information for The Intermediate Fixed Income Portfolio. The Intermediate Fixed Income Portfolio had the same investment objective and a similar investment strategy as the Fund, and was managed by the same portfolio managers. Because the Fund's fees and expenses are higher than those of The Intermediate Fixed Income Portfolio, the Fund's performance would have been lower than that shown below for The Intermediate Fixed Income Portfolio.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Year-by-year total return (Class A)*
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
As of September 30, 2012, the Fund's Class A shares had a calendar year-to-date return of 4.89%. During the periods illustrated in this bar chart, the Fund's highest quarterly return was 6.18% for the quarter ended September 30, 2009 and its lowest quarterly return was -2.30% for the quarter ended June 30, 2004. The maximum Class A sales charge of 4.50%, which is normally deducted when you purchase shares, is not reflected in the highest/lowest quarterly returns or in the bar chart. If this fee were included, the returns would be less than those shown. The average annual returns in the table below do include the sales charge.
</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">After-tax performance is presented only for Class A shares of the Fund. The after-tax returns for other Fund classes may vary. Actual after-tax returns depend on the investor's individual tax situation and may differ from the returns shown. After-tax returns are not relevant for shares held in tax-deferred investment vehicles such as employer-sponsored 401(k) plans and individual retirement accounts (IRAs). The after-tax returns shown are calculated using the highest individual federal marginal income tax rates in effect during the periods presented and do not reflect the impact of state and local taxes.</p>
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<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Investing in any mutual fund involves the risk that you may lose part or all of the money you invest. Over time, the value of your investment in the Fund will increase and decrease according to changes in the value of the securities in the Fund's portfolio.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">After-tax performance is presented only for Class A shares of the Fund.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">After-tax returns are not relevant for shares held in tax-deferred investment vehicles such as employer-sponsored 401(k) plans and individual retirement accounts (IRAs).</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The after-tax returns shown are calculated using the highest individual federal marginal income tax rates in effect during the periods presented and do not reflect the impact of state and local taxes.</p>
100000
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund's past performance (before and after taxes) is not necessarily an indication of how it will perform in the future.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">800 523-1918</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">delawareinvestments.com/performance</p>
5.172012-09-300.04890.06182009-09-30-0.02302004-06-30
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
What is the Fund's investment objective?
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
Delaware Extended Duration Bond Fund seeks to provide investors with total return.
</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
What are the Fund's fees and expenses?
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales-charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in Delaware Investments® Funds. More information about these and other discounts is available from your financial advisor, in the Fund's prospectus under the section entitled &quot;About your account,&quot; and in the Fund's statement of additional information under the section entitled &quot;Purchasing shares.&quot;
</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Shareholder fees (fees paid directly from your investment) </b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Example
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and reflects the applicable waivers and reimbursements for the 1-year contractual period and the total operating expenses without waivers for years 2 through 10. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Portfolio turnover
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &quot;turns over&quot; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 172% of the average value of its portfolio.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
What are the Fund's principal investment strategies?
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund invests primarily in corporate bonds. Our focus is on corporate bonds that have investment grade credit ratings from a nationally recognized statistical rating organization (NRSRO). The bonds we select for the portfolio are typically rated BBB- and above by Standard &amp; Poor's (S&amp;P), Baa3 and above by Moody's Investors Service, Inc. (Moody's), or similarly rated by another NRSRO. We may also invest in unrated bonds, if we believe their credit quality is comparable to those that have investment grade ratings.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund may also invest up to 20% of its net assets in high yield corporate bonds (&quot;junk bonds&quot;). In addition, the Fund may invest up to 35% of its total assets in foreign securities, but the Fund's total non-U.S.-dollar currency exposure will be limited, in the aggregate, to no more than 25% of net assets.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The average portfolio duration of the Fund will generally vary within two years (plus or minus) of the current average duration of the Barclays Long U.S. Corporate Index, which as of October 31, 2012, was 14 years. Duration measures a bond's sensitivity to interest rates by indicating the approximate change in a bond or bond fund's price given a 1% change in interest rates.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Under normal circumstances, the Fund will invest at least 80% of its net assets in corporate bonds. This policy is not a fundamental investment policy and can be changed without shareholder approval. However, shareholders will be given notice at least 60 days prior to any such change.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
What are the principal risks of investing in the Fund?
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Investing in any mutual fund involves the risk that you may lose part or all of the money you invest. Over time, the value of your investment in the Fund will increase and decrease according to changes in the value of the securities in the Fund's portfolio. Principal risks include:</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Investments not guaranteed by the Manager or its affiliates</b> — Investments in the Fund are not and will not be deposits with or liabilities of Macquarie Bank Limited ABN 46 008 583 542 and its holding companies, including their subsidiaries or related companies (Macquarie Group), and are subject to investment risk, including possible delays in repayment and loss of income and capital invested. No Macquarie Group company guarantees or will guarantee the performance of the Fund, the repayment of capital from the Fund, or any particular rate of return.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Market risk</b> — The risk that all or a majority of the securities in a certain market — such as the stock or bond market — will decline in value because of factors such as adverse political or economic conditions, future expectations, investor confidence, or heavy institutional selling.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Interest rate risk </b>— The risk that securities will decrease in value if interest rates rise. This risk is generally associated with bonds.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Credit risk </b>— The risk that an issuer of a debt security, including a governmental issuer, may be unable to make interest payments and repay principal in a timely manner.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>High yield (junk bond) risk </b>— The risk that high yield securities, commonly known as &quot;junk bonds,&quot; are subject to reduced creditworthiness of issuers; increased risk of default and a more limited and less liquid secondary market; and greater price volatility and risk of loss of income and principal than are higher rated securities. High yield bonds are sometimes issued by municipalities with less financial strength and therefore less ability to make projected debt payments on the bonds.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Bank loans and other indebtedness</b>
<b>risk</b> — The risk that the portfolio will not receive payment of principal, interest, and other amounts due in connection with these investments and will depend primarily on the financial condition of the borrower and the lending institution.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Foreign risk</b> — The risk that foreign securities (particularly in emerging markets) may be adversely affected by political instability; changes in currency exchange rates; inefficient markets and higher transaction costs; foreign economic conditions; or inadequate or different regulatory and accounting standards.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Forward foreign currency risk</b> — The use of forward foreign currency exchange contracts may substantially change a fund's exposure to currency exchange rates and could result in losses to the fund if currencies do not perform as the Manager expects. The use of these investments as a hedging technique to reduce a fund's exposure to currency risks may also reduce its ability to benefit from favorable changes in currency exchange rates.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Liquidity risk</b> — The possibility that securities cannot be readily sold within seven days at approximately the price at which a fund has valued them.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Derivatives risk</b> — Derivative contracts, such as options, futures, and swaps, may involve additional expenses (such as the payment of premiums) and are subject to significant loss if a security, or a securities index to which a derivative contract is associated, moves in the opposite direction from what the portfolio manager anticipated. Derivative contracts are also subject to the risk that the counterparty may fail to perform its obligations under the contract due to financial difficulties (such as a bankruptcy or reorganization).</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Government and regulatory risk</b> — The risk that governments or regulatory authorities have, from time to time, taken or considered actions that could adversely affect various sectors of the securities markets.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
How has Delaware Extended Duration Bond Fund performed?
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for the 1-, 5-, and 10-year or lifetime periods compare with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. The returns reflect expense caps in effect during certain of these periods. The returns would be lower without the expense caps. You may obtain the Fund's most recently available month-end performance by calling 800 523-1918 or by visiting our website at <u>delawareinvestments.com/performance</u>.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Year-by-year total return (Class A)*
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">As of September 30, 2012, the Fund's Class A shares had a calendar year-to-date return of 13.80%. During the periods illustrated in this bar chart, Class A's highest quarterly return was 14.88% for the quarter ended June 30, 2009 and its lowest quarterly return was -8.61% for the quarter ended September 30, 2008. The maximum Class A sales charge of 4.50%, which is normally deducted when you purchase shares, is not reflected in the highest/lowest quarterly returns or in the bar chart. If this fee were included, the returns would be less than those shown. The average annual returns in the table below do include the sales charge.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Average annual total returns for periods ended December 31, 2011*
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">After-tax performance is presented only for Class A shares of the Fund. The after-tax returns for other Fund classes may vary. Actual after-tax returns depend on the investor's individual tax situation and may differ from the returns shown. After-tax returns are not relevant for shares held in tax-deferred investment vehicles such as employer-sponsored 401(k) plans and individual retirement accounts (IRAs). The after-tax returns shown are calculated using the highest individual federal marginal income tax rates in effect during the periods presented and do not reflect the impact of state and local taxes.</p>
<div style="display:none">~http://delaware/role/ShareholderFeesDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact delaware_S000003923Member ~</div>0.045000.0400.010000<div style="display:none">~ http://delaware/role/OperatingExpensesDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact delaware_S000003923Member ~</div>0.00540.0030.00220.0106-0.00110.00950.00540.010.00220.0176-0.00060.0170.00540.010.00220.0176-0.00060.0170.00540.0060.00220.0136-0.00160.0120.005400.00220.0076-0.00060.007<div style="display:none">~ http://delaware/role/ExpenseExampleBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact delaware_S000003923Member ~</div>5437629981676573773109918832735489492068122415729162172237416937<div style="display:none">~ http://delaware/role/ExpenseExampleNoRedemptionBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact delaware_S000003923Member ~</div>17354894918831735489492068<div style="display:none">~ http://delaware/role/BarChartDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact delaware_S000003923Member ~</div>0.13020.15040.10030.02850.05330.03020.02850.24960.14310.165<div style="display:none">~ http://delaware/role/PerformanceTableDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact delaware_S000003923Member ~</div>0.11220.08140.0760.11660.14640.1620.16810.15910.09720.07040.06760.09680.09920.10450.10990.08510.09440.06810.06590.09270.09130.10210.0798
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Investing in any mutual fund involves the risk that you may lose part or all of the money you invest. Over time, the value of your investment in the Fund will increase and decrease according to changes in the value of the securities in the Fund's portfolio.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">After-tax performance is presented only for Class A shares of the Fund.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">After-tax returns are not relevant for shares held in tax-deferred investment vehicles such as employer-sponsored 401(k) plans and individual retirement accounts (IRAs).</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The after-tax returns shown are calculated using the highest individual federal marginal income tax rates in effect during the periods presented and do not reflect the impact of state and local taxes.</p>
1000001.72
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund's past performance (before and after taxes) is not necessarily an indication of how it will perform in the future.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">800 523-1918</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">delawareinvestments.com/performance</p>
2012-09-300.13800.14882009-06-30-0.08612008-09-30
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">You may qualify for sales-charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in Delaware Investments&#174; Funds. More information about these and other discounts is available from your financial advisor, in the Fund's prospectus under the section entitled &quot;About your account,&quot; and in the Fund's statement of additional information under the section entitled "Purchasing shares."</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
What is the Fund's investment objective?
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
Delaware Corporate Bond Fund seeks to provide investors with total return.
</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
What are the Fund's fees and expenses?
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales-charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in Delaware Investments® Funds. More information about these and other discounts is available from your financial advisor, in the Fund's prospectus under the section entitled &quot;About your account,&quot; and in the Fund's statement of additional information under the section entitled &quot;Purchasing shares.&quot;
</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Shareholder fees (fees paid directly from your investment) </b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Example
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and reflects the applicable waivers and reimbursements for the 1-year contractual period and the total operating expenses without waivers for years 2 through 10. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Portfolio turnover
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &quot;turns over&quot; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 202% of the average value of its portfolio.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
What are the Fund's principal investment strategies?
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund invests primarily in corporate bonds. Our focus is on corporate bonds that have investment grade credit ratings from a nationally recognized statistical rating organization (NRSRO). The bonds we select for the portfolio are typically rated BBB- and above by Standard &amp; Poor's (S&amp;P), Baa3 and above by Moody's Investors Service, Inc. (Moody's), or similarly rated by another NRSRO. We may also invest in unrated bonds, if we believe their credit quality is comparable to those that have investment grade ratings.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund may also invest up to 20% of its net assets in high yield corporate bonds (&quot;junk bonds&quot;). In addition, the Fund may invest up to 35% of its total assets in foreign securities, but the Fund's total non-U.S.-dollar currency exposure will be limited, in the aggregate, to no more than 25% of net assets.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The average portfolio duration of the Fund will generally vary within two years (plus or minus) of the current average duration of the Barclays U.S. Corporate Investment Grade Index, which as of October 31, 2012, was 7.25 years. Duration measures a bond's sensitivity to interest rates by indicating the approximate change in a bond or bond fund's price given a 1% change in interest rates.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Under normal circumstances, the Fund will invest at least 80% of its net assets in corporate bonds. This policy is not a fundamental investment policy and can be changed without shareholder approval. However, shareholders will be given notice at least 60 days prior to any such change.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
What are the principal risks of investing in the Fund?
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Investing in any mutual fund involves the risk that you may lose part or all of the money you invest. Over time, the value of your investment in the Fund will increase and decrease according to changes in the value of the securities in the Fund's portfolio. Principal risks include:</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Investments not guaranteed by the Manager or its affiliates</b> — Investments in the Fund are not and will not be deposits with or liabilities of Macquarie Bank Limited ABN 46 008 583 542 and its holding companies, including their subsidiaries or related companies (Macquarie Group), and are subject to investment risk, including possible delays in repayment and loss of income and capital invested. No Macquarie Group company guarantees or will guarantee the performance of the Fund, the repayment of capital from the Fund, or any particular rate of return.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Market risk</b> — The risk that all or a majority of the securities in a certain market — such as the stock or bond market — will decline in value because of factors such as adverse political or economic conditions, future expectations, investor confidence, or heavy institutional selling.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Interest rate risk </b>— The risk that securities will decrease in value if interest rates rise. This risk is generally associated with bonds.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Credit risk </b>— The risk that an issuer of a debt security, including a governmental issuer, may be unable to make interest payments and repay principal in a timely manner.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>High yield (junk bond) risk </b>— The risk that high yield securities, commonly known as &quot;junk bonds,&quot; are subject to reduced creditworthiness of issuers; increased risk of default and a more limited and less liquid secondary market; and greater price volatility and risk of loss of income and principal than are higher rated securities. High yield bonds are sometimes issued by municipalities with less financial strength and therefore less ability to make projected debt payments on the bonds.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Bank loans and other indebtedness</b>
<b>risk</b> — The risk that the portfolio will not receive payment of principal, interest, and other amounts due in connection with these investments and will depend primarily on the financial condition of the borrower and the lending institution.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Foreign risk</b> — The risk that foreign securities (particularly in emerging markets) may be adversely affected by political instability; changes in currency exchange rates; inefficient markets and higher transaction costs; foreign economic conditions; or inadequate or different regulatory and accounting standards.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Forward foreign currency risk</b> — The use of forward foreign currency exchange contracts may substantially change a fund's exposure to currency exchange rates and could result in losses to the fund if currencies do not perform as the Manager expects. The use of these investments as a hedging technique to reduce a fund's exposure to currency risks may also reduce its ability to benefit from favorable changes in currency exchange rates.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Liquidity risk</b> — The possibility that securities cannot be readily sold within seven days at approximately the price at which a fund has valued them.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Derivatives risk</b> — Derivative contracts, such as options, futures, and swaps, may involve additional expenses (such as the payment of premiums) and are subject to significant loss if a security, or a securities index to which a derivative contract is associated, moves in the opposite direction from what the portfolio manager anticipated. Derivative contracts are also subject to the risk that the counterparty may fail to perform its obligations under the contract due to financial difficulties (such as a bankruptcy or reorganization).</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Government and regulatory risk</b> — The risk that governments or regulatory authorities have, from time to time, taken or considered actions that could adversely affect various sectors of the securities markets.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
How has Delaware Corporate Bond Fund performed?
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for the 1-, 5-, and 10-year or lifetime periods compare with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. The returns reflect expense caps in effect during certain of these periods. The returns would be lower without the expense caps. You may obtain the Fund's most recently available month-end performance by calling 800 523-1918 or by visiting our website at <u>delawareinvestments.com/performance</u>.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Year-by-year total return (Class A)*
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
As of September 30, 2012, Delaware Corporate Bond Fund's Class A shares had a calendar year-to-date return of 12.02%. During the periods illustrated in this bar chart, Class A's highest quarterly return was 14.62% for the quarter ended June 30, 2009 and its lowest quarterly return was -6.83% for the quarter ended September 30, 2008. The maximum Class A sales charge of 4.50%, which is normally deducted when you purchase shares, is not reflected in the highest/lowest quarterly returns or in the bar chart. If this sales charge were included, the returns would be less than those shown. The average annual returns in the table below do include the sales charge.
</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Average annual total returns for periods ended December 31, 2011*
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">After-tax performance is presented only for Class A shares of the Fund. The after-tax returns for other Fund classes may vary. Actual after-tax returns depend on the investor's individual tax situation and may differ from the returns shown. After-tax returns are not relevant for shares held in tax-deferred investment vehicles such as employer-sponsored 401(k) plans and individual retirement accounts (IRAs). The after-tax returns shown are calculated using the highest individual federal marginal income tax rates in effect during the periods presented and do not reflect the impact of state and local taxes.</p>
<div style="display:none">~http://delaware/role/ShareholderFeesDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact delaware_S000003921Member ~</div>0.045000.0400.010000<div style="display:none">~ http://delaware/role/OperatingExpensesDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact delaware_S000003921Member ~</div>0.00480.0030.00230.0101-0.00070.00940.00480.010.00230.0171-0.00020.01690.00480.010.00230.0171-0.00020.01690.00480.0060.00230.0131-0.00120.01190.004800.00230.0071-0.00020.0069<div style="display:none">~ http://delaware/role/ExpenseExampleBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact delaware_S000003921Member ~</div>5427509761625572762107618322725379262018121403707156970225393881<div style="display:none">~ http://delaware/role/ExpenseExampleNoRedemptionBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact delaware_S000003921Member ~</div>17253792618321725379262018<div style="display:none">~ http://delaware/role/BarChartDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact delaware_S000003921Member ~</div>0.10840.12710.07070.01850.0660.031-0.08440.28840.11490.0731<div style="display:none">~ http://delaware/role/PerformanceTableDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact delaware_S000003921Member ~</div>0.02410.00030.01750.0270.05510.07040.07570.08150.06790.04320.04350.0680.06980.07520.08090.06820.07270.04880.04820.07120.06970.08040.0636
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The after-tax returns shown are calculated using the highest individual federal marginal income tax rates in effect during the periods presented and do not reflect the impact of state and local taxes.</p>
0.12022012-09-300.1462-0.06832009-06-302008-09-30
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
What are the Fund's investment objectives?
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
Delaware High-Yield Opportunities Fund seeks total return and, as a secondary objective, high current income.
</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
What are the Fund's fees and expenses?
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales-charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in Delaware Investments® Funds. More information about these and other discounts is available from your financial advisor, in the Fund's prospectus under the section entitled &quot;About your account,&quot; and in the Fund's statement of additional information under the section entitled &quot;Purchasing shares.&quot;
</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Shareholder fees (fees paid directly from your investment) </b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Example
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and reflects the applicable waivers and reimbursements for the 1-year contractual period and the total operating expenses without waivers for years 2 through 10. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Portfolio turnover
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &quot;turns over&quot; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 61% of the average value of its portfolio.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
What are the Fund's principal investment strategies?
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund will invest primarily in corporate bonds rated BBB- or lower by Standard &amp; Poor's (S&amp;P), Baa3 or lower by Moody's Investors Services, Inc. (Moody's), or similarly rated by another nationally recognized statistical rating organization (NRSRO). These are commonly known as high yield bonds or junk bonds and involve greater risks than investment grade bonds. The Fund will also invest in unrated bonds we judge to be of comparable quality. Unrated bonds may be more speculative in nature than rated bonds. The Fund may also invest in U.S. and foreign government securities and corporate bonds of foreign issuers. The Fund may invest up to 25% of its total assets in foreign securities. In selecting bonds for the portfolio, we evaluate the income provided by the bond and the bond's appreciation potential as well as the issuer's ability to make income and principal payments.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Under normal circumstances, the Fund will invest at least 80% of its net assets in fixed income securities rated at the time of purchase BBB- or lower by S&amp;P, Baa3 or lower by Moody's, or similarly rated by another NRSRO or, if unrated, judged to be of comparable quality. This policy is not a fundamental investment policy and can be changed without shareholder approval. However, shareholders will be given notice at least 60 days prior to any such change.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
What are the principal risks of investing in the Fund?
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Investing in any mutual fund involves the risk that you may lose part or all of the money you invest. Over time, the value of your investment in the Fund will increase and decrease according to changes in the value of the securities in the Fund's portfolio. Principal risks include:</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Investments not guaranteed by the Manager or its affiliates</b> — Investments in the Fund are not and will not be deposits with or liabilities of Macquarie Bank Limited ABN 46 008 583 542 and its holding companies, including their subsidiaries or related companies (Macquarie Group), and are subject to investment risk, including possible delays in repayment and loss of income and capital invested. No Macquarie Group company guarantees or will guarantee the performance of the Fund, the repayment of capital from the Fund, or any particular rate of return.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Market risk</b> — The risk that all or a majority of the securities in a certain market — such as the stock or bond market — will decline in value because of factors such as adverse political or economic conditions, future expectations, investor confidence, or heavy institutional selling.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>High yield (junk bond) risk </b>— The risk that high yield securities, commonly known as &quot;junk bonds,&quot; are subject to reduced creditworthiness of issuers; increased risk of default and a more limited and less liquid secondary market; and greater price volatility and risk of loss of income and principal than are higher rated securities. High yield bonds are sometimes issued by municipalities with less financial strength and therefore less ability to make projected debt payments on the bonds.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Interest rate risk </b>— The risk that securities will decrease in value if interest rates rise. This risk is generally associated with bonds.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Credit risk </b>— The risk that an issuer of a debt security, including a governmental issuer, may be unable to make interest payments and repay principal in a timely manner.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Derivatives risk</b> — Derivative contracts, such as options, futures and swaps, may involve additional expenses (such as the payment of premiums) and are subject to significant loss if a security, or a securities index to which a derivative contract is associated, moves in the opposite direction from what the portfolio manager anticipated.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Foreign risk</b> — The risk that foreign securities (particularly in emerging markets) may be adversely affected by political instability; changes in currency exchange rates; inefficient markets and higher transaction costs; foreign economic conditions; or inadequate or different regulatory and accounting standards.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Bank loans and other indebtedness</b>
<b>risk</b> — The risk that the portfolio will not receive payment of principal, interest, and other amounts due in connection with these investments and will depend primarily on the financial condition of the borrower and the lending institution.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Liquidity risk</b> — The possibility that securities cannot be readily sold within seven days at approximately the price at which a fund has valued them.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Valuation risk</b> — The risk that a less liquid secondary market may make it more difficult for a fund to obtain precise valuations of certain securities in its portfolio.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Redemption risk</b> — If investors redeem more shares of a fund than are purchased for an extended period of time, a fund may be required to sell securities without regard to the investment merits of such actions. This could decrease a fund's asset base, potentially resulting in a higher expense ratio.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Counterparty risk</b> — The risk that a counterparty to a derivative contract (such as a swap, futures, or options contract) or a repurchase agreement may fail to perform its obligations under the contract or agreement due to financial difficulties (such as a bankruptcy or reorganization).</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Government and regulatory risk</b> — The risk that governments or regulatory authorities have, from time to time, taken or considered actions that could adversely affect various sectors of the securities markets.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
How has Delaware High-Yield Opportunities Fund performed?
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for the 1-, 5-, and 10-year or lifetime periods compare with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. The returns reflect expense caps in effect during certain of these periods. The returns would be lower without the expense caps. You may obtain the Fund's most recently available month-end performance by calling 800 523-1918 or by visiting our website at <u>delawareinvestments.com/performance</u>.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Year-by-year total return (Class A)*
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
As of September 30, 2012, the Fund's Class A shares had a calendar year-to-date return of 13.52%. During the periods illustrated in this bar chart, Class A's highest quarterly return was 19.45% for the quarter ended June 30, 2009 and its lowest quarterly return was -18.08% for the quarter ended December 31, 2008. The maximum Class A sales charge of 4.50%, which is normally assessed when you purchase shares, is not reflected in the highest/lowest quarterly returns or in the bar chart. If this fee were included, the returns would be less than those shown. The average annual returns in the table below do include the sales charge.
</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">After-tax performance is presented only for Class A shares of the Fund. The after-tax returns for other Fund classes may vary. Actual after-tax returns depend on the investor's individual tax situation and may differ from the returns shown. After-tax returns are not relevant for shares held in tax-deferred investment vehicles such as employer-sponsored 401(k) plans and individual retirement accounts (IRAs). The after-tax returns shown are calculated using the highest individual federal marginal income tax rates in effect during the periods presented and do not reflect the impact of state and local taxes.</p>
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<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Investing in any mutual fund involves the risk that you may lose part or all of the money you invest. Over time, the value of your investment in the Fund will increase and decrease according to changes in the value of the securities in the Fund's portfolio.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">After-tax performance is presented only for Class A shares of the Fund.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">After-tax returns are not relevant for shares held in tax-deferred investment vehicles such as employer-sponsored 401(k) plans and individual retirement accounts (IRAs).</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The after-tax returns shown are calculated using the highest individual federal marginal income tax rates in effect during the periods presented and do not reflect the impact of state and local taxes.</p>
100000
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund's past performance (before and after taxes) is not necessarily an indication of how it will perform in the future.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">800 523-1918</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">delawareinvestments.com/performance</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">You may qualify for sales-charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in Delaware Investments&#174; Funds. More information about these and other discounts is available from your financial advisor, in the Fund's prospectus under the section entitled &quot;About your account,&quot; and in the Fund's statement of additional information under the section entitled "Purchasing shares."</p>
0.612012-09-300.13520.19452009-06-30-0.18082008-12-31
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
What is the Fund's investment objective?
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
Delaware Diversified Floating Rate Fund seeks total return.
</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
What are the Fund's fees and expenses?
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales-charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in Delaware Investments® Funds. More information about these and other discounts is available from your financial advisor, in the Fund's prospectus under the section entitled &quot;About your account,&quot; and in the Fund's statement of additional information under the section entitled &quot;Purchasing shares.&quot;
</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Shareholder fees (fees paid directly from your investment) </b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Example
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and reflects the applicable waivers and reimbursements for the 1-year contractual period and the total operating expenses without waivers for years 2 through 10. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Portfolio turnover
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &quot;turns over&quot; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 97% of the average value of its portfolio.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
What are the Fund's principal investment strategies?
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Under normal circumstances, the Fund will invest at least 80% of its net assets in floating-rate securities, including but not limited to, investment grade corporate bonds, bank loans, high yield bonds, nonagency mortgage-backed securities, asset-backed securities, securities issued or guaranteed by the U.S. government, municipal bonds, securities of foreign issuers in both developed and emerging markets, and may include derivative instruments that attempt to achieve a floating rate of income for the Fund when they are combined with a group of fixed-rate securities (the 80% Policy). The Manager will determine how much of the Fund's assets to allocate among the different types of securities in which the Fund may invest based on our evaluation of economic and market conditions and our assessment of the returns and potential for appreciation that can be achieved from various sectors of the fixed income market.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The instruments listed in the preceding paragraph may be variable and floating-rate fixed income securities that generally pay interest at rates that adjust whenever a specified interest rate changes and/or reset on predetermined dates (such as the last day of a month or calendar quarter). Derivative instruments may be utilized to effectively convert the fixed-rate interest payments from a group of certain Fund portfolio securities into floating-rate interest payments. The Fund may also invest in securities other than those listed above. The average portfolio duration (that is, the sensitivity to general changes in interest rates) of this Fund will generally not exceed one year.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Up to 50% of the Fund's total assets may be allocated to below-investment-grade securities within the Fund. Investments in emerging markets will, in the aggregate, be limited to no more than 15% of the Fund's total assets. We will limit non-U.S.-dollar-denominated securities to no more than 50% of net assets, but total non-U.S.-dollar currency exposure will be limited, in the aggregate, to no more than 25% of net assets. The Fund may also invest up to 50% of its total assets in a wide range of derivative instruments, including options, futures contracts, options on futures contracts, and swaps. In addition, the Fund may hold a portion of its assets in cash or cash equivalents. The Fund's 80% Policy described above may be changed without shareholder approval. However, shareholders will be given at least 60 days' notice prior to any such change.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
What are the principal risks of investing in the Fund?
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Investing in any mutual fund involves the risk that you may lose part or all of the money you invest. Over time, the value of your investment in the Fund will increase and decrease according to changes in the value of the securities in the Fund's portfolio. Principal risks include:</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Investments not guaranteed by the Manager or its affiliates</b> — Investments in the Fund are not and will not be deposits with or liabilities of Macquarie Bank Limited ABN 46 008 583 542 and its holding companies, including their subsidiaries or related companies (Macquarie Group), and are subject to investment risk, including possible delays in repayment and loss of income and capital invested. No Macquarie Group company guarantees or will guarantee the performance of the Fund, the repayment of capital from the Fund, or any particular rate of return.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Market risk</b> — The risk that all or a majority of the securities in a certain market — such as the stock or bond market — will decline in value because of factors such as adverse political or economic conditions, future expectations, investor confidence, or heavy institutional selling.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Credit risk </b>— The risk that an issuer of a debt security, including a governmental issuer, may be unable to make interest payments and repay principal in a timely manner.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Bank loans and other indebtedness</b>
<b>risk</b> — The risk that the portfolio will not receive payment of principal, interest, and other amounts due in connection with these investments and will depend primarily on the financial condition of the borrower and the lending institution.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Interest rate risk </b>— The risk that securities will decrease in value if interest rates rise. This risk is generally associated with bonds.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>High yield (junk bond) risk </b>— The risk that high yield securities, commonly known as &quot;junk bonds,&quot; are subject to reduced creditworthiness of issuers; increased risk of default and a more limited and less liquid secondary market; and greater price volatility and risk of loss of income and principal than are higher rated securities.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Prepayment risk</b> — The risk that the principal on a bond that is held by a portfolio will be prepaid prior to maturity at a time when interest rates are lower than what that bond was paying. A portfolio may then have to reinvest that money at a lower interest rate.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Foreign risk</b> — The risk that foreign securities (particularly in emerging markets) may be adversely affected by political instability; changes in currency exchange rates; inefficient markets and higher transaction costs; foreign economic conditions; or inadequate or different regulatory and accounting standards.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Forward foreign currency risk</b> — The use of forward foreign currency exchange contracts may substantially change a fund's exposure to currency exchange rates and could result in losses to the fund if currencies do not perform as the Manager expects. The use of these investments as a hedging technique to reduce a fund's exposure to currency risks may also reduce its ability to benefit from favorable changes in currency exchange rates.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Liquidity risk</b> — The possibility that securities cannot be readily sold within seven days at approximately the price at which a fund has valued them.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Derivatives risk</b> — Derivative contracts, such as options, futures, and swaps, may involve additional expenses (such as the payment of premiums) and are subject to significant loss if a security, or a securities index to which a derivative contract is associated, moves in the opposite direction from what the portfolio manager anticipated. Derivative contracts are also subject to the risk that the counterparty may fail to perform its obligations under the contract due to financial difficulties (such as a bankruptcy or reorganization).</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Valuation risk</b> — The risk that a less liquid secondary market may make it more difficult for a fund to obtain precise valuations of certain securities in its portfolio.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Government and regulatory risk</b> — The risk that governments or regulatory authorities have, from time to time, taken or considered actions that could adversely affect various sectors of the securities markets.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
How has Delaware Diversified Floating Rate Fund performed?
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for the 1-year and lifetime periods compare with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. The returns reflect expense caps in effect during these periods. The returns would be lower without the expense caps. You may obtain the Fund's most recently available month-end performance by calling 800 523-1918 or by visiting our website at <u>delawareinvestments.com/performance</u>.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Year-by-year total return (Class A)*
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">As of September 30, 2012, the Fund's Class A shares had a calendar year-to-date return of 4.64%. During the periods illustrated in this bar chart, Class A's highest quarterly return was 1.68% for the quarter ended September 30, 2010 and its lowest quarterly return was -2.42% for the quarter ended September 30,2011. The maximum Class A sales charge of 2.75%, which is normally deducted when you purchase shares, is not reflected in the highest/lowest quarterly returns or in the bar chart. If this sales charge were included, the returns would be less than those shown. The average annual returns in the table below do include the sales charge.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Average annual total returns for periods ended December 31, 2011*
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">After-tax performance is presented only for Class A shares of the Fund. The after-tax returns for other Fund classes may vary. Actual after-tax returns depend on the investor's individual tax situation and may differ from the returns shown. After-tax returns are not relevant for shares held in tax-deferred investment vehicles such as employer-sponsored 401(k) plans and individual retirement accounts (IRAs). The after-tax returns shown are calculated using the highest individual federal marginal income tax rates in effect during the periods presented and do not reflect the impact of state and local taxes.</p>
<div style="display:none">~http://delaware/role/ShareholderFeesDataDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact delaware_S000028004Member ~</div>0.0275000.010000<div style="display:none">~ http://delaware/role/OperatingExpensesDataDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact delaware_S000028004Member ~</div>0.0050.0030.00320.0112-0.00070.01050.0050.010.00320.0182-0.00020.0180.0050.0060.00320.0142-0.00120.0130.00500.00320.0082-0.00020.008<div style="display:none">~ http://delaware/role/ExpenseExampleDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact delaware_S000028004Member ~</div>379614868159528357198321361324387651692822604531012<div style="display:none">~ http://delaware/role/ExpenseExampleNoRedemptionDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact delaware_S000028004Member ~</div>1835719832136<div style="display:none">~ http://delaware/role/BarChartDataDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact delaware_S000028004Member ~</div>0.0017<div style="display:none">~ http://delaware/role/PerformanceTableDataDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact delaware_S000028004Member ~</div>-0.0256-0.0326-0.0167-0.0154-0.00790.00440.00270.0007-0.0068-0.00370.00850.01330.01860.0031
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Investing in any mutual fund involves the risk that you may lose part or all of the money you invest. Over time, the value of your investment in the Fund will increase and decrease according to changes in the value of the securities in the Fund's portfolio.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">After-tax performance is presented only for Class A shares of the Fund.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">After-tax returns are not relevant for shares held in tax-deferred investment vehicles such as employer-sponsored 401(k) plans and individual retirement accounts (IRAs).</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The after-tax returns shown are calculated using the highest individual federal marginal income tax rates in effect during the periods presented and do not reflect the impact of state and local taxes.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund's past performance (before and after taxes) is not necessarily an indication of how it will perform in the future.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">800 523-1918</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">delawareinvestments.com/performance</p>
100000
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">You may qualify for sales-charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in Delaware Investments&#174; Funds. More information about these and other discounts is available from your financial advisor, in the Fund's prospectus under the section entitled &quot;About your account,&quot; and in the Fund's statement of additional information under the section entitled "Purchasing shares."</p>
0.972012-09-300.04640.01682010-09-30-0.02422011-09-30<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
You may qualify for sales-charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in Delaware Investments® Funds. More information about these and other discounts is available from your financial advisor, in the Fund's prospectus under the section entitled "About your account," and in the Fund's statement of additional information under the section entitled "Purchasing shares."</p><p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
You may qualify for sales-charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in Delaware Investments® Funds. More information about these and other discounts is available from your financial advisor, in the Fund's prospectus under the section entitled "About your account," and in the Fund's statement of additional information under the section entitled "Purchasing shares." </p>1000002.02<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
Investing in any mutual fund involves the risk that you may lose part or all of the money you invest. Over time, the value of your investment in the Fund will increase and decrease according to changes in the value of the securities in the Fund's portfolio. </p><p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
The Fund's past performance (before and after taxes) is not necessarily an indication of how it will perform in the future.
</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">delawareinvestments.com/performance</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">800 523-1918</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
After-tax returns are not relevant for shares held in tax-deferred investment vehicles such as employer-sponsored 401(k) plans and individual retirement accounts (IRAs).</p><p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">After-tax performance is presented only for Class A shares of the Fund.</p>As of September 30, 2012, the Fund's Class A shares had a calendar year-to-date return of 4.89%highest quarterly return was 6.18% for the quarter ended September 30, 2009lowest quarterly return was -2.30% for the quarter ended June 30, 2004As of September 30, 2012, Delaware Corporate Bond Fund's Class A shares had a calendar year-to-date return of 12.02%highest quarterly return was 14.62% for the quarter ended June 30, 2009 lowest quarterly return was -6.83% for the quarter ended September 30, 2008As of September 30, 2012, the Fund's Class A shares had a calendar year-to-date return of 13.80%highest quarterly return was 14.88% for the quarter ended June 30, 2009lowest quarterly return was -8.61% for the quarter ended September 30, 2008As of September 30, 2012, the Fund's Class A shares had a calendar year-to-date return of 13.52%highest quarterly return was 19.45% for the quarter ended June 30, 2009 lowest quarterly return was -18.08% for the quarter ended December 31, 2008As of September 30, 2012, the Fund's Class A shares had a calendar year-to-date return of 4.64%highest quarterly return was 1.68% for the quarter ended September 30, 2010lowest quarterly return was -2.42% for the quarter ended September 30,2011(lifetime: 9/30/09-12/31/11)(lifetime: 9/30/09-12/31/11)(lifetime: 9/30/09-12/31/11)(lifetime: 10/3/05-12/31/11)(lifetime: 6/2/03-12/31/11)(lifetime: 6/2/03-12/31/11) <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Average annual total returns for periods ended December 31, 2011* </b></p><p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Average annual total returns for periods ended December 31, 2011* </b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">* Because the Fund has combined its retail and institutional prospectuses, the bar chart and the after tax returns in the average annual total returns table show the performance of the Fund's Class A shares.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">* Because the Fund has combined its retail and institutional prospectuses, the bar chart and the after tax returns in the average annual total returns table show the performance of the Fund's Class A shares.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">* Because the Fund has combined its retail and institutional prospectuses, the bar chart and the after tax returns in the average annual total returns table show the performance of the Fund's Class A shares.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">* Because the Fund has combined its retail and institutional prospectuses, the bar chart and the after tax returns in the average annual total returns table show the performance of the Fund's Class A shares.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">* Because the Fund has combined its retail and institutional prospectuses, the bar chart and the after tax returns in the average annual total returns table show the performance of the Fund's Class A shares.</p>
0.05910.06380.07230.09150.06330.0798
The Fund's investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any 12b-1 plan, taxes, interest, inverse floater program expenses, short sale and dividend interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent annual fund operating expenses from exceeding, in an aggregate amount, 0.80% of the Fund's average daily net assets from November 28, 2012 through November 28, 2013. In addition, the Fund's distributor, Delaware Distributors, L.P. (Distributor), has contracted to limit the Class A and Class R shares' 12b-1 fee for the Fund to no more than 0.25% and 0.50% of average daily net assets, respectively, from November 28, 2012 through November 28, 2013. These waivers and reimbursements may only be terminated by agreement of the Manager or Distributor, as applicable, and the Fund.
Lifetime (2/26/10-12/31/11)
Class C shares redeemed within one year of purchase are subject to a 1.00% contingent deferred sales charge (CDSC).
The Fund's investment manager, Delaware Management Company (Manager), is contractually waiving its investment advisory fees and/or paying expenses (excluding any 12b-1 fees, taxes, interest, inverse floater program expenses, short sale and dividend interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) to the extent necessary to prevent total annual fund operating expenses from exceeding 0.69% of the Fund's average daily net assets from November 28, 2012 through November 28, 2013. The Fund's distributor, Delaware Distributors, L.P. (Distributor), has also contracted to limit the Class A and Class R shares' 12b-1 fees from November 28, 2012 through November 28, 2013 to no more than 0.25% and 0.50% of their respective average daily net assets. These waivers and reimbursements may only be terminated by agreement of the Manager and the Distributor, as applicable, and the Fund.
If you redeem Class B shares during the first year after you buy them, you will pay a contingent deferred sales charge (CDSC) of 4.00%, which declines to 3.00% during the second year, 2.25% during the third year, 1.50% during the fourth and fifth years, 1.00% during the sixth year, and 0% thereafter. Class C shares redeemed within one year of purchase are subject to a 1.00% CDSC.
The Fund's investment manager, Delaware Management Company (Manager), is contractually waiving its investment advisory fees and/or paying expenses (excluding any 12b-1 fees, taxes, interest, inverse floater program expenses, short sale and dividend interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) to the extent necessary to prevent total annual fund operating expenses from exceeding 0.70% of the Fund's average daily net assets from November 28, 2012 through November 28, 2013. The Fund's distributor, Delaware Distributors, L.P. (Distributor), has also contracted to limit the Class A and Class R shares' 12b-1 fees from November 28, 2012 through November 28, 2013 to no more than 0.25% and 0.50% of their respective average daily net assets. These waivers and reimbursements may only be terminated by agreement of the Manager and the Distributor, as applicable, and the Fund.
The Fund's investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any 12b-1 plan, taxes, interest, inverse floater program expenses, short sale and dividend interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent annual fund operating expenses from exceeding, in an aggregate amount, 0.65% of the Fund's average daily net assets from November 28, 2012 through November 28, 2013. In addition, the Fund's distributor, Delaware Distributors, L.P. (Distributor), has contracted to limit the Class A and Class R shares' 12b-1 fee for the Fund from November 28, 2012 through November 28, 2013 to no more than 0.25% and 0.50% of average daily net assets, respectively. These waivers and reimbursements may only be terminated by agreement of the Manager and the Fund.
Class C shares redeemed within one year of purchase are subject to a 1.00% contingent deferred sales charge (CDSC).
The Fund's investment manager, Delaware Management Company (Manager), is contractually waiving its investment advisory fees and/or paying expenses (excluding any 12b-1 plan, taxes, interest, inverse floater program expenses, short sale and dividend interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) to the extent necessary to prevent total annual fund operating expenses from exceeding 0.81% of the Fund's average daily net assets from November 28, 2012 through November 28, 2013. The Fund's distributor, Delaware Distributors, L.P. (Distributor), has also contracted to limit the Class R shares' 12b-1 fees to no more than 0.50% of its average daily net assets from November 28, 2012 through November 28, 2013. These waivers and reimbursements may only be terminated by agreement of the Manager and the Distributor, as applicable, and the Fund. Additionally, the Fund's Class A shares are subject to a blended 12b-1 fee of 0.10% on all shares acquired prior to June 1, 1992 and 0.30% on all shares acquired on or after June 1, 1992. All Class A shares currently bear 12b-1 fees at the same rate, the blended rate based on the formula described above. This method of calculating Class A 12b-1 fees may be discontinued at the sole discretion of the Fund's Board.
If you redeem Class B shares during the first year after you buy them, you will pay a contingent deferred sales charge (CDSC) of 4.00%, which declines to 3.00% during the second year, 2.25% during the third year, 1.50% during the fourth and fifth years, 1.00% during the sixth year, and 0% thereafter. Class C shares redeemed within one year of purchase are subject to a 1.00% CDSC.